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NAR: Pending home sales slow in May

Jul 06, 2016
Pending home sales slowed down in May, marking the first time in nearly two years that the measurement declined on a year-over-year basis, according the the latest National Association of REALTORS Pending Home Sales Index.

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contract signings, slid 3.7 percent to 110.8 in May from a downwardly revised 115.0 in April and is now slightly lower (0.2 percent) than May 2015 (111.0). With last month’s decline, the index reading is still the third highest in the past year, but declined year-over-year for the first time since August 2014.

The PHSI dropped 5.3 percent in the Northeast to 93 in Mayand is unchanged from a year ago.

NAR Chief Economist Lawrence Yun noted that pending sales slumped in May across most of the country. “With demand holding firm this spring and homes selling even faster than a year ago, the notable increase in closings in recent months took a dent out of what was available for sale in May and ultimately dragged down contract activity,” he said. 

Read the full report here.

 

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